5. Below are described several portfolios. Explain any particular challenges or considerations each might pose for implementing a value-at-risk system. (15 marks, 5 marks each) a. A hedge fund has its assets invested in 70% public equities and 30% in commercial real estate. b. A foreign exchange rate trading company actively trades during the day and closes out positions at night. C. An investment bank holds a sizeable inventory of equities, including initial public offerings it has just bought to market